Well, there is no doubt in saying that these days where the market is full of reuse material, it becomes common to purchase a second-hand common which is quite beneficial and effective as well. When it comes to buying a second motor vehicle whether it is car or bike, there are a few things that people should pay attention to such as the range of the car, take a test drive, do a quick research on the vehicle, do not hesitate to negotiate and the last but the most important thing is the transfer of the insurance policy.
We all know that to drive legally on the roads of India, it is important to have a valid insurance policy. In India under the motor vehicle act 1988, it is mandatory to carry a valid insurance policy whenever you are driving. On buying a used car, it is essential to pay attention to the essential documents and transfer of insurance policy. Let's talk about the main issue the transfer of car insurance policy Basically, the process of car insurance transfer works in tandem along with the transference of ownership.
Once a person bought the car, the policy of the previous owner will not remain valid. A per the IRDAI, in case of car insurance claim, the name and the address of the owner should be the same on the registration paper and policy’s paper as well. In case of an emergency, it will become easier for the new owner to recover the cost easily if he/she has a paper on his name.
Moreover, failure to insure one’s vehicle can result in denial of a claim. Along with Rs. 50 transfer fee, the following documents as required for car insurance transfer: Registration certificate/form 29 Old policy document No Objection Clause (NOC) from the previous policyholder Application form Inspection Report (to be carried out by the insurance company) No Claims Bonus difference amount
Most of the people prefer buying second cars or used cars to save their money and use it for convenience. The transferring process of car insurance to any other party involves a lot of formalities to pay attention-
1. First, you have to transfer your registration certificate (RC) during the process of buying. Registration Certificate is a critical part from the perspective of claim settlement.
2. You have to make sure that the motor insurance policy must get transferred to your name within the period of 14 days.
3. Submit Form 29 and Form 30 to the car insurance company which displays the sign of the previous car owner.
4. A duplicate copy of car insurance policy accompanying transfer fee and transfer of registration certificate also need to be submitted by the buyer.
5. After the submission of all the above-mentioned documents which are served as the proof of sales. A new proposal form has to be submitted at the end. You need to ensure the presence of all these documents and certificates to achieve approval for transfer from the car insurance company.
Follow these steps that will surely help in getting success in the transfer process of your car. Good Luck
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